Data For Dollars

Do you really know what business you're in today? The
National Football League received more money from ABC, ESPN, FOX
and NBC for the rights to broadcast games than it would have cost
the networks to buy every team in the league. The Official Airline
Guide, which lists every flight from North America to every city in
the world, makes more money than all the domestic air carriers
combined. Suddenly, the value of information about transactions may
have eclipsed the value of the goods and services being transacted
. . . and we must participate in this phenomenon of the new
economy.

Everything about one's life will be chronicled, cataloged,
stored, recalled, assembled . . . and sold. I'm convinced
we'll see a new "re-intermediator" industry that
keeps track of who's selling their information (about you!) for
huge profits. I hope you noted that Amazon.com just rescinded its
"privacy" statement, letting customers know it'll be
participating in the new gold rush.

Fortune 500 companies are now building what they call
"metadatabases." These are new databases made by putting
two individual databases together to create a higher order of
insight. There's absolutely no reason why entrepreneurs
shouldn't do the same.

First, you must "digitize" your systems. If you've
been a laggard in upgrading your transactional equipment, it's
time to get in the game. And if you've already switched over,
start your next upgrade now.

Second, learn to ask for more information. I've seen credit
card companies that now ask for a phone number with your signature
. . . and more than 35 percent of people give it!

Third, become more skilled at observing your customer and adding
your qualitative thoughts to your database.

Finally, start looking for people who could benefit from adding
your database to theirs. I think you'll find not only more
insight, but also more money.

Watts Wacker-lecturer, bestselling author, political
commentator, social critic and CEO of FirstMatter-is one of the
world's most respected futurists.